Insurance brokers: Five new avenues of business models to implement a strategy in the face of the digital revolution

The digital revolution is far from over. Insurance Brokers have no other choice but to implement a disruptive strategy to protect their core business. After presenting the inventory in my previous posts, here are five potential business models they can consider adopting.

  1. A new generation of risk investing. Thanks to analytics and automation, brokers can more easily recommend the most suitable products and solutions for a given risk.
  2. Results-oriented prevention. The application of analytics to different data sources offers brokers the opportunity to develop their financial advisory offers and their P&C prevention services.
  3. Risk market and value-added services. Brokers have the tools with analytics and new digital technologies to increase their added value to clients.
  4. Innovative carrying solutions. Thanks to their proximity to clients, brokers have access to privileged data which should enable them to develop high-impact offers likely to be of interest to insurers, reinsurers, and other providers of capital.
  5. New risk services. Brokers can form partnerships with new competitors to whom they offer their capacities in terms of risk assessment and prevention, know-how that new players do not always have.

These models can be combined in different ways, depending on the broker. The only certainty is that the disappearance of their profession is not inevitable. All brokers have the opportunity to rethink their offer and reinvent customer engagement. The ball is therefore in their court.

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